Expo 2020 Dubai and its legacy are expected to contribute AED 154.9 billion ($42.2 billion) of gross value added (GVA) to the UAE’s economy from 2013 to 2042, a report from EY has shown.

 

The sectors contributing most to GVA – a measure of economic productivity – are events organisation and business services ($20.6 billion), construction ($8.7 billion), and restaurants and hotels ($6.3 billion), according to EY. 

 

The World Expo, which, the organisers claimed, had welcomed 24.1 million visits during its six-month run, is also expected to support more than 35,000 FTE jobs per annum in the UAE over the same period.

 

The pre-event phase contributed around one quarter of GVA, the event itself added almost 13%, while the lion’s share of economic benefits – 62% – will be felt in the legacy phase through to 2042.

 

Reem Al Hashimy, UAE Minister of State for International Cooperation and CEO, Expo City Dubai Authority said: "From the outset, we were committed to hosting a World Expo that would achieve long-lasting economic, social and environmental benefits for the UAE, the region and the world, with positive impacts extending well beyond the six months of the event. Despite the challenges of a global pandemic, we have delivered on that promise."

 

Dimitri S. Kerkentzes, Secretary General of the Bureau International des Expositions (BIE) said: "Rooted in a shared vision for a socially and environmentally-conscious future, Expo 2020 Dubai and now Expo City Dubai constitute an indisputable platform for sustainable development in the UAE and further afield."

 

"The 182-day event surpassed all expectations as an extraordinary experience for visitors and participants, and its legacy is set to continue creating new opportunities for growth in the years to come," he added.

 

According to EY, the legacy considerations were at the forefront of planning from the outset, and Expo City Dubai repurposes more than 80% of the infrastructure built for the six months of the event. 

 

It forms an integral part of the Dubai 2040 Urban Master Plan and the emirate’s continued growth, and takes forward Expo 2020 Dubai’s spirit of collective action through the ongoing delivery of programmes, initiatives and events that will draw visitors, businesses and tenants to add further impact and economic value, it stated.

 

Instilled with the values of equality and inclusion, wide-ranging programmes involve youth, businesses, civil society and governments on Expo City Dubai’s broader objectives, such as enabling action towards climate security in the run-up to and during COP28, and working together to build a better, more equitable and sustainable future for all, it added.

 

Rob Moody, Partner – Transactions & Corporate Finance, EY, said: "As the first World Expo to be held in the Middle East, Africa and South Asia region, Expo 2020 Dubai has yielded substantial and wide-ranging long-term economic, social and environmental benefits for the UAE and communities around the world."

 

"Expo City Dubai is forecast to deliver additional growth and development and is set to support the more immediate strategic priorities and the wider future ambitions identified by the UAE," stated Moody. 

 

More broadly, research has also shown that Expo 2020 Dubai sparked progress on a global scale, with the 192 participating countries reporting benefits in terms of trade and business partnerships, nation branding and cultural understanding, as well as international diplomacy and cooperation, he added.-TradeArabia News Service